Core ideas:
1. Event
Recently, we have followed Tianmu Pharmaceutical Co., Ltd.
two。 Our analysis and judgment
(1) traditional Chinese medicine companies listed on the main board in 1993, with rich approval resources
The company has 127 approval numbers for all kinds of drugs, including 79 varieties listed in the medical insurance catalogue, 1 national first-class biological new drugs, and 7 national protected varieties of traditional Chinese medicine. The leading products are Pearl Mingmu Eye Drops, Dendrobium candidum soft capsule, Heche Dazao capsule, Fule granule and so on.
(2) Marketing reform to invigorate the stock approval resources
Among the leading products, Pearl Mingmu Eye Drops is mainly used for visual fatigue and chronic conjunctivitis, and the company forms an oligopoly situation with Suzhou Tianlong; with the popularization of electronic products, the number of people who use eye fatigue is on the rise, and the market scale of eye drops is gradually expanding.
Heche Dazao capsule is the company's exclusive variety, which is used in the adjuvant treatment of tumor chemotherapy and deficiency of lung and kidney. It is currently listed in the category B reimbursement list of medical insurance in Beijing, Anhui, Guangdong and Shanghai. Fule granule is another potential variety of the company, used in the treatment of gynecological inflammation, is a product of high quality and high price. In previous years, the failure of price management strategy affected the sales of products. By straightening out product prices, Fule granule sales are expected to pick up again.
(3) Dendrobium candidum: treasure of traditional Chinese medicine. Tianmu Mountain exclusive geographical indication product protection Dendrobium candidum has many practical functions such as regulating immunity. Tianmu Biotechnology Company is the business platform of Dendrobium candidum planting and product development. in the future, it is expected to become a new growth pole of the company's performance.
(4) the corporate governance has been gradually improved and the allocation of resources has been optimized to enhance the value of the company. after the new major shareholders took ownership, the problem of capital occupation of listed companies by major shareholders has been fundamentally improved. Through the optimization of the company's resources, as well as the acquisition of superior pharmaceutical resources in the industry, the company's competitive strength is expected to be rapidly improved.
(5) Bad debt stripping, performance ushering in the dawn of improvement
In 2012, the company recorded an impairment loss of 44.28 million in assets, compared with 5.6 million yuan in the same period last year. After the divestiture of bad debts, the company's profits are expected to be significantly improved in the future.
3. Investment suggestion
We estimate that the EPS of the company in 2013 / 14 will be 0.04 and 0.12 yuan respectively. Neutral rating.